as it floated into view

1a. I watched the beautiful stretch of the shoreline as it floated into view. (Korea university entrance exam)

I can't completely undertand the meaning of 'it floated into view'. I think that 'it' indicates 'the beautiful stretch of the shoreline'. Then maybe this situation is the time when the Sun comes out through the dawn. And he or she can see the scene. Am I right? and does 'view' indicate the eyes of him or her?

It is unlikely that it refers to dawn but we cannot say what was happening without more context. Where was the speaker/writer when this was happening? I suspect they were on a boat and approaching the shoreline.

To float into view = to appear slowly. (see also 'to drift into view')

'Float' is strange here, as the shoreline is presumably being seen from a boat which is literally floating, so it's confusing to use it about the shoreline: it must mean "appear" in some vague way. 'Into view' means it becomes visible, usually by becoming near enough to see.

It could be argued that 'it' refers either to 'stretch' or 'shoreline'. I favour your your interpretation that it refers to ' the ...stretch...'

I don't think the position of the Sun is relevant. My assumption is that the author is travelling by boat. When you are travelling by boat and you first see land, it can appear as though the land is floating on the water (even though you know it is not).

float into something
1. Lit. to move on water or in air into something. The huge cruise ship floated majestically into the harbor. The kite floated into a tree and was ruined.
2. Fig. to move into something gently, as if floating. She floated into the room, looking like Cinderella before midnight. Tom and Gloria floated into the theater like a king and queen. They must have rehearsed it.